Margins mostly varied within a range of -11bps to +7bps on the day, with 25 falls and 16 rises. Ignoring short-dated securities, the margin of Latitude Capital Notes (LFSPA, -92bps) again had the largest (absolute) change on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | n/m | n/m | 100.06 | 8.06% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 4.46% | 0.32% | 100.15 | 8.11% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | -1.17% | -1.36% | 101.31 | 7.91% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 0.45% | -0.69% | 101.34 | 7.96% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.41% | 0.29% | 101.83 | 8.02% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.32% | 0.05% | 103.39 | 8.09% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.65% | -0.16% | 103.20 | 7.90% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.60% | 0.11% | 102.15 | 7.60% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.63% | 0.04% | 102.40 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.38% | 0.05% | 103.72 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.81% | 0.10% | 104.90 | 8.63% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.79% | 0.01% | 104.45 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.86% | -0.07% | 104.63 | 7.99% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.22% | 0.07% | 101.91 | 7.22% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.07% | 0.03% | 105.00 | 8.12% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.99% | -0.08% | 102.15 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 5.96% | -0.92% | 99.40 | 9.29% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.93% | -0.07% | 104.08 | 7.45% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.15% | 0.09% | 102.69 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.81% | -0.04% | 103.79 | 7.92% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.60% | -0.12% | 103.77 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.45% | -0.03% | 101.74 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.19% | -0.13% | 104.48 | 7.52% |
| ANZ Banking Group | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.23% | -0.01% | 102.90 | 7.15% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.47% | 0.01% | 101.85 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.40% | -0.16% | 102.20 | 7.10% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.29% | -0.05% | 104.35 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.53% | -0.15% | 102.07 | 7.12% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.86% | 0.10% | 102.60 | 7.57% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.26% | -0.15% | 109.60 | 10.00% |
| ANZ Banking Group | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.58% | -0.03% | 100.96 | 6.99% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.83% | 0.14% | 103.45 | 7.68% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.64% | -0.06% | 101.10 | 7.04% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.73% | -0.16% | 103.65 | 7.59% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.62% | -0.05% | 105.05 | 7.68% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.56% | -0.04% | 103.00 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.56% | 0.08% | 101.95 | 7.12% |
| ANZ Banking Group | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.66% | -0.12% | 100.97 | 7.04% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.54% | -0.05% | 102.77 | 7.17% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.64% | -0.02% | 101.40 | 7.06% |
| ANZ Banking Group | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.81% | -0.04% | 101.10 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.74% | 0.01% | 102.45 | 7.28% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 4.92% | 0.08% | 94.53 | 9.27% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.72% | 0.09% | 107.38 | 9.07% |
** “Clean” running yield. Includes franking credits if present.